Income tax filing

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  1. Harichandana

    Harichandana New Member

    Dear professionals,

    I have the following queries regarding income tax filing in the case of an individual who has

    a) pension income and
    b) income through some consulting with a foreign firm.
    Consulting fee is received from the foreign firm through wire transfer.

    1. Which ITR should be filed in this case? Can you show the consulting fee under "Income from other sources?"

    2. What are the expenses that are allowed for the consulting work? Please clarify.
  2. rudrabose

    rudrabose Active Member

    1. In case your income from Consulting is not substantial, you can disclose it under Other Sources and use ITR 1. However, in case the income from consulting is substantial, it would be treated as Business Income you would be required to disclose this in ITR 4
    2. All expenses incurred by you for earning this income are allowed to be claimed as an expense. Eg: Telephone Expense, Internet Expense, Fuel expense etc. Please also ensure that you also have the bills for such expenses.
    Harichandana likes this.
  3. Harichandana

    Harichandana New Member

    Thank you so much for the reply. Your advice is of great help.
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